Janis Rachel Lomax (born 15 July 1945) is a British economist, banker, and former government official who served as

Deputy Governor of the Bank of England A Deputy Governor of the Bank of England is the holder of one of a small number of senior positions at the Bank of England, reporting directly to the Governor. According to the original charter of 27 July 1694 the Bank's affairs would be supervise ...

, sitting on the

Monetary Policy Committee Monetary Policy Committee (MPC) may refer to: * Monetary Policy Committee (India) The Monetary Policy Committee is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least fo ...

from 1 July 2003 to 30 June 2008.

Early life

Lomax was born in

Swansea Swansea (; cy, Abertawe ) is a coastal city and the second-largest city of Wales. It forms a principal area, officially known as the City and County of Swansea ( cy, links=no, Dinas a Sir Abertawe). The city is the twenty-fifth largest in ...

, Wales. She was educated at the independent Rossall Preparatory School and

Cheltenham Ladies' College Cheltenham Ladies' College is an independent boarding and day school for girls aged 11 to 18 in Cheltenham, Gloucestershire, England. Consistently ranked as one of the top all-girls' schools nationally, the school was established in 1853 to pr ...

, and graduated from

Girton College, Cambridge Girton College is one of the 31 constituent colleges of the University of Cambridge. The college was established in 1869 by Emily Davies and Barbara Bodichon as the first women's college in Cambridge. In 1948, it was granted full college status ...

with an MA in 1966, before obtaining an MSc in economics from the

London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...

in 1968.

Career

After graduating from LSE in 1968, she joined

HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ec ...

, where she worked on a range of macroeconomic, monetary, and financial issues. She was in succession

Principal Private Secretary A private secretary (PS) is a civil servant in a governmental department or ministry, responsible to a secretary of state or minister; or a public servant in a royal household, responsible to a member of the royal family. The role exists in t ...

to the

Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is ...

Nigel Lawson Nigel Lawson, Baron Lawson of Blaby, (born 11 March 1932) is a British Conservative Party politician and journalist. He was a Member of Parliament representing the constituency of Blaby from 1974 to 1992, and served in the cabinet of Margaret ...

in 1985–86, then a deputy secretary at the Treasury, and then Deputy Chief Economic Adviser in 1990–94. In 1994–95, she was head of the Economic and Domestic Secretariat at the

Cabinet Office The Cabinet Office is a department of His Majesty's Government responsible for supporting the prime minister and Cabinet. It is composed of various units that support Cabinet committees and which co-ordinate the delivery of government objecti ...

. From 1995 to 1996, she was a vice-president of the

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...

and chief of staff to the

President of the World Bank President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese fu ...

. From 1996 to 2003 she was in turns

permanent secretary A permanent secretary (also known as a principal secretary) is the most senior Civil Service (United Kingdom), civil servant of a department or Ministry (government department), ministry charged with running the department or ministry's day-to-day ...

at four government departments. She was permanent secretary at the

Welsh Office The Welsh Office ( cy, Swyddfa Gymreig) was a department in the Government of the United Kingdom with responsibilities for Wales. It was established in April 1965 to execute government policy in Wales, and was headed by the Secretary of State f ...

from 1996 to 1999, where she oversaw the setting up of the

National Assembly for Wales The Senedd (; ), officially known as the Welsh Parliament in English language, English and () in Welsh language, Welsh, is the Devolution in the United Kingdom, devolved, unicameral legislature of Wales. A democratically elected body, it makes ...

. Afterwards, from 1999 to 2002, Lomax was permanent secretary of the

Department of Social Security The Department of Social Security (DSS) was a governmental agency in the United Kingdom from 1988 to 2001. The old abbreviation is still often used informally. Advertisements for rented accommodation used to describe prospective tenants who wou ...

and then from 2001 its successor, the

Department for Work and Pensions , type = Department , seal = , logo = Department for Work and Pensions logo.svg , logo_width = 166px , formed = , preceding1 = , jurisdiction = Government of the United Kingdom , headquarters = Caxton House7th Floor6–12 Tothill Stree ...

. Then in 2002–2003 Lomax served as Permanent Secretary at the

Department for Transport The Department for Transport (DfT) is a department of His Majesty's Government responsible for the English transport network and a limited number of transport matters in Scotland, Wales and Northern Ireland that have not been devolved. The d ...

, having moved there with her Secretary of State

Alistair Darling Alistair Maclean Darling, Baron Darling of Roulanish, (born 28 November 1953) is a British politician who served as Chancellor of the Exchequer under Prime Minister Gordon Brown from 2007 to 2010. A member of the Labour Party, he was a Member ...

when prime minister

Tony Blair Sir Anthony Charles Lynton Blair (born 6 May 1953) is a British former politician who served as Prime Minister of the United Kingdom from 1997 to 2007 and Leader of the Labour Party from 1994 to 2007. He previously served as Leader of th ...

reshuffled his cabinet following the resignation—in highly charged and controversial circumstances—of the

Secretary of State for Transport The Secretary of State for Transport, also referred to as the transport secretary, is a secretary of state in the Government of the United Kingdom, with overall responsibility for the policies of the Department for Transport. The incumbent i ...

Stephen Byers Stephen John Byers (born 13 April 1953) is a British Labour Party politician who was the Member of Parliament (MP) for Wallsend between 1992 and 1997, and North Tyneside from 1997 to 2010. He served in the Cabinet from 1998 to 2002, and was ...

. From 2003 to 2008 she was a deputy governor at the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...

, serving on its

, where she was "one of the more moderate, centrist figures". She left "just before the

collapse of Lehman Brothers The bankruptcy of Lehman Brothers on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal ...

in 2008" reportedly to "pursue other interests". In December 2008, she became an independent

non-executive director A non-executive director (abbreviated to non-exec, NED or NXD), independent director or external director is a member of the board of directors of a corporation, such as a company, cooperative or non-government organization, but not a member of the ...

HSBC Holdings HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tril ...

, where she is also a member of the audit and risk committees. In December 2010 she joined BAA (now Heathrow Airport Holdings) as a non-executive director, and she is also a non-executive director of

Serco Serco Group plc is a British company with headquarters based in Hook, Hampshire, England. Serco primarily derives income as a contractor for the provision of government services, most prominently in the sectors of health, transport, justice, i ...

, and a trustee of

Imperial College London Imperial College London (legally Imperial College of Science, Technology and Medicine) is a public research university in London, United Kingdom. Its history began with Prince Albert, consort of Queen Victoria, who developed his vision for a cu ...

, and has served as President of the

Institute of Fiscal Studies The Institute for Fiscal Studies (IFS) is an economic research institute based in London, United Kingdom, which specialises in UK taxation and public policy. It produces both academic and policy-related findings. The institute's aim is to "a ...

Personal life

Lomax is on the Board of the

Royal National Theatre The Royal National Theatre in London, commonly known as the National Theatre (NT), is one of the United Kingdom's three most prominent publicly funded performing arts venues, alongside the Royal Shakespeare Company and the Royal Opera House. I ...

and of

De Montfort University De Montfort University Leicester (DMU) is a public university in the city of Leicester, England. It was established in accordance with the Further and Higher Education Act in 1992 as a degree awarding body. The name De Montfort University was tak ...

Leicester Leicester ( ) is a city status in the United Kingdom, city, Unitary authorities of England, unitary authority and the county town of Leicestershire in the East Midlands of England. It is the largest settlement in the East Midlands. The city l ...

. In June 2007 she received an honorary degree from the

University of Glasgow , image = UofG Coat of Arms.png , image_size = 150px , caption = Coat of arms Flag , latin_name = Universitas Glasguensis , motto = la, Via, Veritas, Vita , ...

. She married Michael Acworth Lomax in 1967; they divorced in 1990. The couple has two sons.

Offices held

References

External links

''Tel'' article September 25 2004
{{DEFAULTSORT:Lomax, Rachel 1945 births Place of birth missing (living people) Living people Alumni of Girton College, Cambridge Alumni of the London School of Economics British economists British women bankers British women economists Civil servants in HM Treasury Civil servants in the Cabinet Office Deputy Governors of the Bank of England Fellows of Girton College, Cambridge HSBC people Members of HM Government Economic Service People educated at Cheltenham Ladies' College People educated at Rossall School People from Swansea Permanent Under-Secretaries of State for Wales Permanent Under-Secretaries of State for Social Security Permanent Under-Secretaries of State for Work and Pensions Permanent Under-Secretaries of State for Transport, Local Government and the Regions Permanent Under-Secretaries of State for Transport Private secretaries in the British Civil Service Welsh economists